Common Questions to Ask When Leasing An Office Space

Leasing an office space is no small task; it’s downright overwhelming for most! Take this list of common questions with you while you’re on the hunt for an office space to avoid signing a lease for an office space that you’ll regret. 

What is the Length of the Lease? 

Leases for office spaces are typically longer than other leases you may have experience with. Don’t just assume it’s a year-long lease because that’s what you’re used to. Read the fine print to determine how long the lease is and the process of resigning the lease if you want to stay at the end of the first lease term. 

What is Included in the Monthly Lease Price? 

The monthly lease amount may be within your budget, but is the total cost? Make sure you clearly understand what comes as an added cost on top of the lease amount. Utilities, internet, phone, parking, insurance, housekeeping, and outdoor maintenance are just a few of the things that may come at an added cost. 

Some buildings offer these things at a flat added monthly rate, while others will require you to set up things like internet and insurance on your own, paying the rate you’re quoted for whatever company you choose.

Before you decide you can afford a space and sign the lease, you need to total up all of those to determine the actual monthly cost. It’s best to seek out office spaces that fall under your budget so that once all of those things are factored in, they won’t exceed what you can comfortably pay. It’s never wise to sign a lease that is at the very top of your budget because you’ll likely end up going over.

Does the Office Have Room to Grow?

Before signing a five-year-long lease, you need to know where your company is headed at that time. You should find an office space that can accommodate your expected growth over the course of the lease while still staying within your budget. The last thing your business needs is to outgrow the new space just months after moving into it!

Similarly, avoid getting an office that has too much space. Having growth goals is good, but being realistic is essential to avoid wasting money on a lease for a larger space than you need. 

Is the Space in the Right Location?

Location is the key to a successful office lease. Choosing a poor location could cost your business money, making it harder for new customers and clients to connect with your company. A central location that’s easy for both employees and customers is ideal. A good location can significantly impact the lease cost you sign, but it’s worth every penny. 

Find the office space of your dreams with a lease to match with the help of the team at Millyard Technology Park!